NewPage Parent Files for Chapter 11 Restructuring
To help ensure it has adequate liquidity to continue operating throughout the restructuring, NewPage has obtained a commitment led by J.P. Morgan for up to $600 million in Debtor-in-Possession (DIP) financing.
On Aug. 22, NewPage announced that it would take downtime at NewPage Port Hawkesbury due to market and economic conditions that had prevented it from profitably operating the mill for more than a year. NewPage Port Hawkesbury plans to use funds arising from its Settlement and Transition Agreement to continue a "hot idle" at the mill and preserve the value of its assets while it continues discussions with potential buyers.
- Companies:
- NewPage Corp.
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